Indiqube Spaces Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Indiqube Spaces Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Indiqube Spaces reported its highest ever quarterly revenue of INR428 crores in Q1 FY27, up 37% year-on-year, with EBITDA up 34%, EBIT up 59% and PAT up 91%. Management said the company added 1.91 million square feet to area under management and launched 17 new centers during the period, while value added services revenue rose to around 17% of total revenue. Management also discussed occupancy ranges, solar capacity expansion, and the timeline for delivery of recently signed centers including a large Noida property.
3 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR428 crores (Q1 FY27)
p. 3
“Q1 27 marks a very strong start for the year with Indiqube delivering its highest ever quarterly revenue of INR428 crores representing growth of 37% year-on-year.”
Rishi Das, page 3 of the filed PDF · View the filing
EBITDA: INR87 crores (Q1 FY27)
p. 3
“Our EBITDA increased by 34% to INR87 crores, EBIT grew from 59% to INR55 crores, while PAT increased by 91% to INR35 crores.”
Rishi Das, page 3 of the filed PDF · View the filing
PAT: INR35 crores (Q1 FY27)
p. 3
“Our EBITDA increased by 34% to INR87 crores, EBIT grew from 59% to INR55 crores, while PAT increased by 91% to INR35 crores.”
Rishi Das, page 3 of the filed PDF · View the filing
EBIT margin: 13% (Q1 FY27)
p. 3
“EBIT margin improved to 13% in Q1 FY27 from 11% in Q1 FY26, while PAT margin expanded to 8% from 6% during the same period last year.”
Rishi Das, page 3 of the filed PDF · View the filing
PAT margin: 8% (Q1 FY27)
p. 3
“EBIT margin improved to 13% in Q1 FY27 from 11% in Q1 FY26, while PAT margin expanded to 8% from 6% during the same period last year.”
Rishi Das, page 3 of the filed PDF · View the filing
EBITDA margin: 20% (Q1 FY27)
p. 3
“EBITDA margin remained healthy at 20%.”
Rishi Das, page 3 of the filed PDF · View the filing
Area added to AUM: 1.91 million square feet (Q1 FY27)
p. 3
“During the year, we added 1.91 million square feet to our area under management, and we launched 17 new centers.”
Rishi Das, page 3 of the filed PDF · View the filing
Total clients: 855 clients (as of June 2026)
p. 3
“So as of June 2026, we catered to 855 clients, and this was across a good diverse mix of Global Capability Centers, Indian conglomerates, unicorns and high growth startups.”
Rishi Das, page 3 of the filed PDF · View the filing
GCC revenue contribution: 53% (Q1 FY27)
p. 4
“GCCs contributed 53% of our revenue during the quarter and multi-center clients (clients who have taken more than one center) accounted for about 41% of our revenue.”
Rishi Das, page 4 of the filed PDF · View the filing
Occupants from clients with 100+ seats: nearly 90% (Q1 FY27)
p. 4
“Nearly 90% of our occupants come from clients who have taken more than 100 seats.”
Rishi Das, page 4 of the filed PDF · View the filing
Solar capacity operational: 30 megawatt
p. 4
“Nearly 30 megawatt of solar capacity is already operational, comprising capacity from our solar farms in Karnataka and Maharashtra, as well as rooftop installations across the country.”
Rishi Das, page 4 of the filed PDF · View the filing
One-time VAS revenue recognized: INR 39 crores (Q1 FY27)
p. 5
“So, you've reiterated your guidance of 2 million square feet of area addition annually, but if we look at quarter one of FY27, there is no change in your operational area addition.”
Shamit Ashar, page 5 of the filed PDF · View the filing
Total area (AUM): 10.61 million square feet
p. 7
“So, our current area is 10.61, so if you go to the slide number in our presentation 15.”
Meghna Agarwal, page 7 of the filed PDF · View the filing
Rent paying area: 7.8 million square feet
p. 7
“If you go there, you will see the breakup of that 10.61. The 10.61 in that 7.8 is the rent paying area and the 6.74 is the rent yielding area.”
Meghna Agarwal, page 7 of the filed PDF · View the filing
Signed headroom area: 3.9 million square feet
p. 5
“We already have a headroom of about 3.9 million square feet which is about 97,000 seat which is already signed and is in the kitty.”
Meghna Agarwal, page 5 of the filed PDF · View the filing
Top five customers revenue share: 12%
p. 16
“Plus, our top five customers contribute only 12% of our revenue.”
Rishi Das, page 16 of the filed PDF · View the filing
Client renewal rate: 90%
p. 16
“And the other factor I will highlight is that 41% of our revenue is coming from clients who have taken multiple centers so there that is very stable, and our renewal rate has been 90% with the customers over there.”
Rishi Das, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Area addition per year — close to 2 million square feet · annual
stated firmly by Meghna Agarwal
p. 4
“We have consistently said that we intend to add close to 2 million square feet every year and we remain committed to that growth trajectory.”
Meghna Agarwal, page 4 of the filed PDF · View the filing
Solar capacity addition — 25 to 30 megawatts, INR100-120 crores capex · this year
stated firmly by Rishi Das
p. 6
“So as mentioned, we have now 30 megawatt of operational capacity and this year we intend to add another 25 to 30 megawatts worth of capacity translating into a requirement of about one about INR100 crores to INR120 crores capital expenditure.”
Rishi Das, page 6 of the filed PDF · View the filing
Corporate level occupancy — 80% to 85%
stated firmly by Meghna Agarwal
p. 6
“And even in the occupancy for those perspectives, we would maintain that 80% to 85% occupancy at the corporate level, 85% to 90% on the mature centers.”
Meghna Agarwal, page 6 of the filed PDF · View the filing
Hyderabad and Mumbai expansion — larger spaces · this financial year
stated conditionally by Rishi Das
p. 12
“Yes, very rightly highlighted Vikrant, like because post-COVID we started expanding in both the cities aggressively and we are at a good place now and we are very hopeful that in this financial year we should be able to sign up larger spaces in both the cities.”
Rishi Das, page 12 of the filed PDF · View the filing
Noida center operational timeline — Q2 FY28 or Q3 FY28
stated firmly by Rishi Das
p. 9
“So, this will go live by middle of next year. So, you see that Q2 FY28 or maybe Q3, that's the timeline in which the building should go operational.”
Rishi Das, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said area addition is tracked annually rather than quarterly due to timing of delivery, and they have sufficient signed headroom to meet the annual target.
Answered by Meghna Agarwal
Asked by Shamit Ashar: Why has rent paying area not increased in Q1 despite the 2 million sq ft annual guidance, and is there a slowdown?
p. 5
“We already have a headroom of about 3.9 million square feet which is about 97,000 seat which is already signed and is in the kitty.”
Meghna Agarwal, page 5 of the filed PDF · View the filing
Management explained the one-time revenue came from DesignQube, IndiCare and Eco, and said the overall VAS contribution would keep rising structurally even if quarterly figures fluctuate.
Answered by Meghna Agarwal
Asked by Shamit Ashar: What drove the one-time VAS revenue jump and how will VAS trend going forward?
p. 6
“So structurally you might see one-time going up and down, but overall, the contribution of the VAS you would see is increasing.”
Meghna Agarwal, page 6 of the filed PDF · View the filing
Management said solar IRR has typically ranged between 18% and 22% with good paybacks.
Answered by Rishi Das
Asked by Shamit Ashar: What capex has been earmarked for solar and what IRR is expected?
p. 6
“our solar IRR has been very healthy, typically it has been between 18% going up to 22% kind of an IRR wherever we have invested in solar, our paybacks have been extremely good on that.”
Rishi Das, page 6 of the filed PDF · View the filing
Management attributed the higher debt and interest expense to financing of solar capacity, not the core leasing business.
Answered by Vikas Agarwal
Asked by Yashas Gilganchi: What drove the increase in interest expense on outstanding debt?
p. 7
“So, our debt has increased because as Rishi sir told that we have increased the solar plant and all and for that purpose we have taken the debt for the solar purpose, not for our normal business, leasing business.”
Vikas Agarwal, page 7 of the filed PDF · View the filing
Management said new centers reach operating breakeven in five to six months and full capex recovery in 36 months, so growth would not pressure margins.
Answered by Meghna Agarwal
Asked by Yog Rajani: With steady state occupancy already high, will new center additions dilute profitability given breakeven timelines?
p. 8
“I tell you what our new centers typically take five to six months to reach operating break-even, which is approximately about 52% to 57% of occupancy.”
Meghna Agarwal, page 8 of the filed PDF · View the filing
Management declined to give unaudited provisional numbers, saying capex is a combination of several recurring factors and figures would be detailed after H1 audit.
Answered by Meghana Agarwal
Asked by Jay Kant Beria: What were operating cash flow and capex for the quarter, and what is the capex guidance for the year?
p. 11
“But since it was not audited as of now, so you know I would refrain from talking about the numbers because it might change here and there a little bit.”
Meghana Agarwal, page 11 of the filed PDF · View the filing
Management confirmed continued focus and expressed hope to sign larger spaces in both cities this financial year.
Answered by Rishi Das
Asked by Vikrant Kashyap: Are Hyderabad and Mumbai still areas of expansion focus in coming quarters?
p. 12
“Yes, very rightly highlighted Vikrant, like because post-COVID we started expanding in both the cities aggressively and we are at a good place now and we are very hopeful that in this financial year we should be able to sign up larger spaces in both the cities.”
Rishi Das, page 12 of the filed PDF · View the filing
Management said unit economics and profitability in Tier-2 cities are similar to Tier-1, with cheaper real estate offset by lower seat pricing.
Answered by Rishi Das
Asked by Dhairya Trivedi: How do Tier-2 city centers perform compared to metro centers?
p. 13
“So basically, the Tier-2 cities I must say that the occupancy the profitability the unit economics is pretty much similar to Tier-1 cities.”
Rishi Das, page 13 of the filed PDF · View the filing
Management said notice periods range from 60 to 90 days depending on client size, and the company has generally been able to find replacement tenants within that window.
Answered by Rishi Das
Asked by Hitaindra Pradhan: What is the client notice period and how does the company manage vacated space?
p. 16
“Our client notice periods are between 60 going up to 90 days. If the clients are smaller size clients maybe 60 days, larger ones are 90 days.”
Rishi Das, page 16 of the filed PDF · View the filing
Risks flagged
Leasing activity slows seasonally due to festive and holiday periods, affecting timing of rent paying area additions
p. 12
“So leasing is slow. So normally what we try doing is that most of the delivery of the buildings, the rent paying area, that addition happens pretty much at the at the beginning of you can say Jan-Feb kind of a time frame so that we get sufficient time to market that inventory.”
Rishi Das, page 12 of the filed PDF · View the filing
Oversupply and high vacancy in certain micro-markets such as North Bangalore
p. 12
“North Bangalore we see a lot of oversupplies, the vacancy levels are high, lot of new additions is coming in so we are not even when we are about more than 6.5 million in Bangalore, our exposure to North Bangalore is not even half a million square feet.”
Rishi Das, page 12 of the filed PDF · View the filing
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